Reverse Mortgage in Hialeah: A Local Guide for Owners 62 and Older

Short answer

Yes, a Hialeah homeowner 62 or older may qualify for a reverse mortgage (HECM) if the home is the principal residence, there is enough equity, and the budget covers taxes, insurance and any HOA dues; a 2-4 unit home also qualifies if you live in one unit. With Hialeah's median single-family price at $570,000 in the third quarter of 2026, the appraisal, not the $1,249,125 HECM limit, usually sets how much you can get. QMS Lending is a broker that connects Hialeah owners with reverse mortgage lenders, in Spanish or English, subject to approval and HUD-approved counseling.

What Hialeah home values mean for a HECM, as of October 2026

The HECM rules are the same across Florida (see our Florida reverse mortgage guide). What changes in Hialeah is the value you start from. MIAMI REALTORS reports for the City of Hialeah in the third quarter of 2026:

• Single-family homes: median sale price $570,000, down 4.8% from a year earlier, on 131 closed sales.
• Townhouses and condos: median sale price $269,900, up 1.8%, on 121 closed sales.

HUD bases the loan on the lesser of the appraised value or the 2026 HECM limit of $1,249,125, then applies a percentage that depends on the age of the youngest borrower (or eligible non-borrowing spouse) and the interest rate. Because most Hialeah homes are well below the limit, every dollar of appraised value counts. Clean up the house, have repair receipts ready, and let the appraiser see additions that were permitted.

Rates vary daily; call for today's pricing. Older borrowers generally get a larger share of the value than younger ones, so if one spouse is 62 and the other is 75, the younger age is the one that counts.

If you still owe on your first mortgage, that balance gets paid off at closing from the HECM. If you bought decades ago and the balance is small or zero, more is left to take as cash, monthly payments or a line of credit.

Duplexes, family in the house and your spouse

If more than one generation lives in your Hialeah home, or you own a duplex, these HUD rules matter:

• 2-4 unit homes qualify if you live in one of the units as your principal residence. A permitted duplex with a tenant on the other side can work; the rent may also help show you can pay the property charges.
• Unpermitted units are a problem. An efficiency or garage conversion built without permits can hurt the appraisal or require repairs before closing, because the home must meet FHA property standards. Find out what the city has on record before you apply.
• Adult children living with you are not borrowers. They can live in the house, but they have no right to stay after the last borrower dies or moves out. When the loan comes due, heirs can repay it, usually by refinancing or selling, or hand the home back.
• Your spouse. If your spouse is under 62, ask the counselor how an eligible non-borrowing spouse is protected. HUD also uses that spouse's age to calculate how much you can borrow, which lowers the amount.

Talk with your family before the counseling session. Heirs who know about the loan ahead of time can plan how to repay it or sell.

Hialeah's senior exemptions and your HUD budget check

HUD checks that you can keep paying property taxes and insurance for the life of the loan. In Hialeah, local exemptions can make that check easier. A HECM keeps the deed in your name and requires you to live there, so it generally leaves your homestead exemption in place; Florida's homestead exemption can reduce taxable value by up to $50,000.

On top of that, as of October 2026 the Miami-Dade Property Appraiser reports:

• City of Hialeah senior exemption: $50,000. The 2026 benefit table estimates about $315 in city tax savings and $248 in county tax savings, about $563 a year in total, using proposed millage.
• Who qualifies: at least one owner 65 or older on January 1, with household income no higher than $38,686 (the Florida Department of Revenue's 2026 limit).
• Long-term resident senior exemption: Hialeah has adopted it. Owners who have lived in the home 25 years or more, whose market value was under $250,000 in the first year they apply, and who meet the age and income tests can have the city portion of the tax removed. School Board and State taxes still apply.

Hialeah Gardens is a separate city with its own decisions on these exemptions, so check your exact address on the Property Appraiser's site.

Hialeah condos and townhomes

With a condo median near $269,900, a typical Hialeah condo has modest equity to work with, and the building must also pass FHA review. HUD allows a HECM on a condo only if the project is HUD-approved or the unit meets FHA single-unit approval rules. Single-unit approvals are limited to 10% of units in projects of 10 or more units, and to two FHA loans in projects with fewer than 10.

Look the project up on HUD's FHA condo search. Garden-style complexes under three stories are generally outside Florida's milestone inspection and SIRS rules, while buildings three stories or taller must have them. Either way, ask the association for its budget, any special assessment, and a completed condo questionnaire. A townhouse that is legally a condo follows the condo rules; one held as fee simple is reviewed like a house.

Counseling, costs and how QMS Lending helps

HUD requires counseling with a HUD-approved counselor before you apply; HUD's line is (800) 569-4287. As of October 2026, the CFPB counselor search for nearby ZIP codes lists a HUD-approved agency in Doral offering reverse mortgage counseling in Spanish.

HUD's listed costs: a 2% initial mortgage insurance premium at closing, a 0.5% annual premium on the balance, an origination fee capped at $6,000, and a servicing fee of up to $30 or $35 a month, plus appraisal, title and Florida taxes on the mortgage. Most can be paid from the loan, which lowers what you receive.

QMS Lending (NMLS #1781090) is an independent mortgage broker in Miami, FL, that works with 100+ lenders. We connect Hialeah homeowners with reverse mortgage lenders and compare a HECM with a HELOC or a cash-out refinance, in Spanish from the first call. You may qualify; every loan is subject to approval. Contact us, call 305-425-1990, or see our Hialeah mortgage broker page.